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Rupee strengthens against US dollar

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News Stories Posted by ARY News Digital Team

KARACHI: The Pakistani rupee continued to recoup losses against the United States (US) dollar in the interbank currency market on Tuesday.

According to foreign currency dealers, the local unit opened at Rs171.29 and is now trading at Rs170.46 against the greenback in the interbank market after appreciating by 83 paisas.

Also Read: October 2021 sees highest-ever monthly exports: Shaukat Tarin  

On Monday, the rupee had closed at Rs171.29 against the US dollar, according to the State Bank of Pakistan (SBP).

The rupee started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.

Also Read: Saudi Arabia deposits $3bn in Egypt’s central bank

The Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.

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